View your shopping bag

Items: (0) £0.00
  • €
  • $
  • £

Checkout

Record fall in GDP in OECD area

In figures just released, the OECD, which covers 30 advanced nations worldwide, has reported that Gross Domestic Product fell by a record 2.1% in the first quarter of 2009 amongst its member countries.

 

This amounts to the largest fall since records began in 1960 and compares with a fall of 2.0% in GDP in the previous quarter. Of the major seven countries, which include UK, US, Japan, Canada, Germany, France and Italy only France performed better in the most recent quarter than the previous quarter, with a fall in GDP of 1.2%. (Figures for Canadian GDP are not currently available).

 

In the US GDP fell by 1.6% in the first quarter and thus performed better than the average, as did the UK where the fall was 1.9%. Japan and Germany experienced the biggest falls due to the severe cutback in world demand for their exports.

 

The chart below shows the quarterly GDP volume growth when measured by the percentage change on the same quarter of the previous year. This shows a total fall of 4.2% for the OECD area between the first quarter of 2009 and the same quarter a year earlier. Again, the US, UK and France all experienced lower falls in GDP than the average.

oecdgdpvolgrowth

 

It would appear that the strong action to mount immediate fiscal boosts in the UK and the US has helped to reduce the impact on their GDP.

Tags: ,
Posted in GDP, OECD

Comments are closed.